Prepare an income statement for the business

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Question - Below is financial data for Mila's Law Firm owned by Mila, G. at 30 June 2021:

Cash at bank $15,000

Motor vehicle $29,000

Salaries payable 5,000

Mila, G capital contribution 17,000

Accounts receivable 17,000

Office expense 2,600

Insurance expense 16,000

Advertising expense 20,000

Accounts payable 12,000

Salaries expense 55,000

Service revenue 220,000

Mila, G drawings 20,000

Loan payable 60,000

Travel expense 3,500

Prepaid insurance 2,000

Court filing fees 4,000

Office equipment 45,000

Required - Please use this information to prepare an income statement for the business for the year ended 30 June 2021?

Reference no: EM132983122

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